News Before It's News
About us | Ocnus? |

Front Page 
 Dark Side
 Defence & Arms
 Light Side

Business Last Updated: Mar 6, 2019 - 10:18:37 AM

NNPC recovers N771m assets from defaulting marketers
By Okechukwu Nnodim, Punch, March 6, 2019
Mar 6, 2019 - 10:17:33 AM

Email this article
 Printer friendly page

The Nigerian National Petroleum Corporation on Tuesday announced that it had recovered assets worth over N771m from some oil marketers who under-paid for petroleum products supplied to them from the Kaduna depot of the Petroleum Products Marketing Company.

NNPC’s Anti-Corruption Committee Chairman, Mike Balami, said the committee, in collaboration with Federal Government’s intelligence and anti-corruption agencies such as the Department of State Services, Economic and Financial Crimes Commission and Independent Corrupt Practices and Other Related Offences Commission, recovered the assets from the defaulting marketers.

The Group General Manager, Group Public Affairs Division, NNPC, Ndu Ughamadu, said the corporation’s anti-corruption committee brought in forensic experts to uncover the shady deals by some of the marketers involved.

Balami outlined some of the recovered assets to include filling stations, water factories and six sports utility vehicles, adding that the forensic investigation would be extended to the other depots across the country to stop the bleeding of the national oil company.

He noted that it was established that the affected marketers lifted petroleum products from the PPMC Kaduna depot without evidence of payment; and when confronted with the evidence, they admitted to the offence and failed to pay their liabilities.

According to him, the NNPC has been working hard to stop all the leakages in the corporation.

Balami stressed that the forfeited assets would be handed over to the corporation’s Corporate Asset Boarding and Disposal Committee for immediate disposal.

He added that investigation into the lifting of petroleum products without evidence of payment was continuing, urging all relevant stakeholders to support the NNPC Anti-Corruption Committee in its onerous task of recovering all its monies outside NNPC’s system.

He said that this was the first time that the NNPC would be taking over assets forfeited by marketers who defaulted in their terms of engagement.

Source:Ocnus.net 2019

Top of Page

Latest Headlines
Trump’s Most Humiliating Financial Lies Are About To Be Entered Into The Congressional Record
Germany to miss NATO spending target despite short-term rise
Turkey: Worrying Rise in Short-term Debt, Unemployment Rate
How Russia Sank Billions of Dollars Into Venezuela Quicksand
Algerian visa scandal whistleblower's citizenship revoked
Capital outflow from Russia doubles since beginning of 2019, exceeds $ 18 billion
Developing countries are bad at collecting taxes. What can help
Eurozone delays Greece debt relief over household insolvency law
The EU’s digital tax is dead, long live the OECD’s plans
If Trump blows up NAFTA, he’ll blow up his reelection